₦airaland Forum

Good one!! Please the president and his team should do more of this type of project. There watchword for 2014 should be work work and more work, so that major projects should brought to completion. If this is done, it will shame all those that can't see anything good in GEJ, then we will compare and contrast.

IbokUtoroh: when i watch IRIS a korean series i just realized what is happening in nigeria. when GEJ even made the statement that he isnt the commander in chief of the armed forces was beginning to think he is weak, but when watch that movie everythng became clearer how the world is being controlled by powers above. why do u thnk the power sector is not functioning, abi na ghost dey import generators? even our educational system where we hv more private universities own by politicians than the government ones. is it the health sector? why r the lawmakers not considering the concept of true federalism?

It is because they want the status quo to remain, the biggest problem we have in Nigeria are these powers that be, they want to keep on reaping where they did not sow, and to check mate them it will require someone at the top, that is what GEJ is out to do. Majority of ex and present Governors, Senators, Reps and other politicians and big business men are the boys of this powers that be, in fact this is the major reason why Nigeria is just the way it is, these men have held us hostage for long and now a door of opportunity is opening some people are talking rubbish. Anyway most of those opposing this are some how benefiting from this present evil system.

SmartCount: Will you STF up for once? We are here thinking of how to move the country forward where the voice of the common man can be heard, you are here bringing your high level bigotry to bare. The future of this country lies in the hands of the citizens, not only the politicians. So this is the opportunity for all well meaning Nigerians to rally round the President in ensuring that the national conference is convened, and a new constitution which represents the yearning of all Nigerians is drafted. I still have hope in Nigeria, we all, irrespective of our part affiliation, should support this call. God bless Nigeria.

I too still have hope in Nigeria, but she must be restructured to favor all her citizens. Many people think GEJ wants to stay after 2015, but it is a lie what GEJ is doing is set the foundation for a new Nigeria through sustainable policies like power reform, Agric revolution, Automobile industry revamp, upgrade of infrastructure and finally a national conference where all the ethnic nationalities gather together in a round table to discuss how our new Nigeria will be which will end with peoples constitution.

May God bless Afenifere, those that are opposing this national conference are people that have been feeding off this nation, they have been unproductive, without contributing anything to Nigerias development. They should better get ready to work and be productive because after this national conference, the lazy, unproductive ones will have no free meals to feed on again rather they will have no other option than to become productive, especially the bloated and lazy political class.

Nigeria need honest and truthful people like Iyabo in places of power, not the type of devilish set of people running the place of governance from top to bottom. We need more of her type, because the time has come for the right things to be done in this nation, no more darkness.

wirinet: Biafran Igbos and militant Ijaws have one thing in common - chest beating. They pound their chest louder than a silver back gorilla trying to show he is the alpha male.

Who says a coup cannot succeed? That was what the Muslim Brotherhood thought in Egypt until they were booted out by the military. And up till today nothing dey happen. The only obstacle to a successful coup is the unity of the military, especially the army. If the military is not divided, there is nothing anybody or group can do. Maybe all these chest beaters have never experienced a military coup, when a military occurs, it is akin to a war situation until the coup plotters take full control of the country. The army rolls out tanks into the streets, the army occupies all strategic installations and areas, airports, seaports and borders are closed and every relevant person in the government is killed or arrested. You think militants, biafrans and even Boko harm can face tanks, planes and artillery fire. Pray we never experience another coup and an opposed bloody coup for that matter. If a bloody coup should happen most of our politicians would jump into their private jets and zoom off, Asari. and tompolo be in Benin Republic tending their businesses and their wealth. It is me and you - Yoruba, Hausa, Igbo, Ijaw, Idoma, etc, that will suffer the consequence.

The problem with most of you is that you live on the past not knowing that the times that we are in now is much different and complex era. The biafran and ijaw chest beaters you are talking about are your fellow countrymen, bonafide first class citizens of Nigeria like every other parts. Not era where one part was lording it over other parts and like I said before coup is impossible in this present era because even the military composition of those coup eras sided one side but now there is nothing like that there is almost a balance so mr forget about coup happening.

ckkris: This ain't 1966

Don't mind him, all those era you are talking about, many folks were groping in the dark, this era is a different ball game, b4 it was only the northern power bloc but now there are many power blocs even in the South South that was neglected and nothing before. Infact this the mistake that the cabals made was allowing GEJ to have a chance at the seat of power, Odili and even Donald Duke though they look stronger outwardly would have still been pupets in the hands of these cabals but GEJ is a different ball game, he is with typical Ijaw charcteristics, they don't talk too much but they are deadly and people of action, that cannot be intimidated, if you think it is a lie ask other SS people or why did u think OBJ fought Alameighsia bitterly, he was not the only deeply corrupt governors of that era, Odili, Ibori, Tinubu and Orji Kalu, Igbinedion were worse corrupt but OBJ did not touch them, rather he faced Alameighsia because he was more threat to him. But he never knew that GEJ was even a tougher Ijaw character than even Alameighsia, but that is the way God works because he wants to level the faulty and false foundation.

Which coup? GEJ is in total and complete control of the security apparatus, infact his loyalists who have sworn with their lives to protect him are in charge of all the important apparatus and these his loyalist cut across all the geo political zones of this country. Even the north is divided, there are past powerful clique that felt slighted for the past decade especially the Abacha clique, they have beef with OBJ, IBB, Abdulsalami, Useni and other cabals who have been running this country for the past 40years, and the unique thing that these Abacha clique are better and much sophisticated and more intelligent mafias than the OBJ clique. So all the other powerful northern cliques who felt slighted are on GEJ's camp including the middle belt headed by General Gowon.

So you guys should not worry, there will be no loophole for coup. Even in the SW the real political gladiators are watching and are on the side of GEJ example Afenifere, forget about Tinubu, he is a green horn, he is still a neophyte, he is just new into the power game and the old political warhorse in SW will clip Tinubus wings soon.

I want to adress my Igbos brothers, let us not let anybody tag us any name because of the past, let us fight to get our rightful place in Nigeria, it belongs to all of us. And by the end of this GEJ administration is over we all from North, South, East and West will be equal stakeholders in this project Nigeria, and this will be a take off for the country to rise into mighty greatness.

Sincere 9gerian: Fantastic write up, @Afam4eva. But I hate the fact that you started from e defensive point (the I'm not a sycophant bla, bla,bla). The propaganda and onslaught from Tinubu warriors have pushed many of you into defensive positions. This is an open and anonymous forum for goodness sake and everyone should be able to express him or herself without fear or favour. If anyone does not agree with the position of another, he or she should challenge that position with SUPERIOR argument.

What happens on this forum, which is very unfortunate, is that once an ID expresses any opinion that is contrary to that of Tinubu slaves, rather than challenge that opinion with SUPERIOR argument, Tinubu slaves will resort to blackmail- it is either they accuse the ID of being a sycophant or being a paid poster.

I dont think the response to the blackmail from Tinubu slaves is adopting a defensive position like you've done. For me, the best form of defence is attack and that is what I will continue to do. Because left to Tinubu slaves, GEJ should have no supporters online. The fools expect all of us to queue behind them and worship their master Tinubu.

Just imagine what this forum would have been like if not for the likes of yours sincerely, Taharqa and others that have pushed back the evil group called Tinubu warriors?

@Topic, President Jonathan indeed represents a breath of fresh air. I say this not because he is perfect or that he has done all things perfectly but so far he is the BEST leader we've ever had in the last 3 decades.

Working with people like Akinwumi Adeshina, Okonjo Iweala, Prof Nebo, Prof Onyebuchi Chukwu, Olusegun Aganga, Mrs Omobola Johnson, Stella Oduah, etc, GEJ govt represents nothing but fresh air.

Afam4eva..,cant you feel the fresh air in our elections since 2010? Cant you see that the YOUWIN programme is the first programme in the history of Nigeria where people can get grants from govt on MERIT? Have you asked yourself why Nigeria Railways was dilapidated when GEJ came to power? The old railways given to us by the British was left to rot away and no new railways could be completed in 50 solid years? But just in 3 years, the GEJ govt is about to complete Abuja to Kaduna standard railway.

Didnt you notice how the PHCN was transparently privatised? Right before our eyes, 14 successor companies of PHCN was successfuly privatised without any acrimony or court cases. Now compare with the messy privatisation process of previous govt. Many of the companies privatised by OBJ have been crippled by court cases.

Sincere you are making a valid point, Akinwumi Adesina worshiped at my church some sundays ago to thank God for the progress he had achieved and one statement he made that shocked me was that he never knew the president from any where, that it was the president that found him where he was at work and look what he is doing. Infact let me go on spiritual dimension the kind of prayer being waged in the spirit these dark evil forces have already been defeated, God of heavens is in control. When GEJ went on a spiritual journey to Israel I knew that from the eyes of unseen that GEJ is Gods anointed and all those fighting him will be confounded, I am using these medium to warn them that if they know the judgement of God that will come uppon them, you will see in few weeks time, sons of belial that has caused pain on this nation by their wickedness for the past 40 years, God has arisen to judge and this is word for the president by the psamist The Lord is my Light and my salvation whom shall I fear, the Lord is the stronghold of my life of whom shall I be afraid, when my enemies came to eat my flesh they were consumed. Thus says God the creator of the ends of the earth.

Afam may God bless u, GEj is the first comon man to take the exalted seat of governance. For the past 40 years, Nigeria was ran by the sons of belial, abominable, wicked and devilish men. Nigeria has sold more than a trillion $ worth of oil, but nothing to show 4 it. Infact the position GEj dey in as Nija president is not something I will wish on my enemies. All I owe him is to continous pray for him, likewise all of us cos uneasy lies the head that wear the crown.

Why is it that anytime igbo is mentioned some of our bros from the west gets worked up. Let it be known to them that we igbos are unique, it is not chest beating. Nigeria has held the igbo man down, any day this nation is no more, you will see what igboland will turn to. The yorubas were first exposed to westernisatn late 1800 while the igbos were expose by 1920's but under 30years the igbos had produced leading elites like achebes, okigbos, akani ibiams, mbanefo, 1st black vc of unilag prof njoku and 1st vc of ui prof dike, it was only the civil war that drew us back. When i look across the black world not one nation stands out as bastion of development, suffice me to let u know that i see in igbo nation the fundamentals for great economic advancement, and if we can free ourselves from the clutches of Nigeria, maximum 10 years, the igbo nation will join the developed nations. Many of we blacks think that the greatest treasures of this our world is located in the oil and diamond fields no the greatest treasure is a refined and creative human mind, that is the source of the toyotas, apples, bmw's samsungs etc of this world.

And people will say Goodluck is clueless, this is an excellent move. When I returned to Nigeria I wept at the number of SUV on Nigerian roads, I factored in the colossal amount Nigeria loses to these cars, I suggested that govt should impose high tariff on them in some countries I have been in they impose up to 150 percent. So I say it is a very good move by GEJ and Okonjo Iweala. And this will encourage local production and job opportunities, once again, nice move.

shachris03: GEJ built what? Oya read this post.

Your bad belle has really blinded you, that you can't even comprehend things. Your post quoted omotosho1 while GEJ is commissioning omotosho 2, which the contract was awarded in 2010 and completed in record time. So my friend you are the one that have issues.

Read post by FrankC and you will understand the man GEJ, he may not have the charisma or public speaking but he is a very smart fellow and a goal achiever, the way things are going from now to 2014 ending, the num of completed projects that will come on stream will make all Anti GEJ and opposition go bunkers, honestly.

Terrorism is a very complex problem in the world today, US after spending trillions on the war in Afghanistan and Iraq have not yet removed terrorist from those lands. This terrorism fire ignited in Nigeria will never be contained, you can quote me anywhere, because these terrorists are not just evil but embodiment of inhuman characteristics, ask why will someone go and slaughter innocent young people in school, I just can't understand the type of mind set behind theses acts.
On the issue of the president, I watched the media chat for 2 mins, he had no grasp of things, no charisma etc I was nt happy with the performance, I think the president is weak in that area of public speaking, but I don't want to generalize that he is a weak man, I believe he has areas where he is both competent and strong.

bloggernaija: You are an outlier like most cosmopolitan people everywhere.
Many of your people wish us ill and that is a fact.
Their opinion is that a progress in the SW is like a conspiracy to deny the SE the same thing.

Believe me when I say that you guys are still sleeping.
Even when the handwriting is on the wall with mall opening here and there,
The consumer electronic traders are already beginning to feel the pinch here.
Dangote refinery will remove the chemical trade as well.
MoSt of the retail sector in the SW will be formalised .
Most of your brother are still beating their chest emptily.
Especially when you consider that the largest market of consumers and purchasing power in the country are yorubas
While the SW is still very far from el darado,.
Initiative after initiative makes it apparent that the region will continue to suck up most of the oxygen.
All this is happening while the SW is in opposition.
What do you think will happen when we become a governing majority.
You better go and hassle your leaders to please stand up.


I will point out a few reasons why I think you have inept leadership
Enugu -the most cosmopolitan city in the SE is essentially a government money state(civil servants). This city has coal .instead of pressuring the federal government for a power plant and looking for private sector investments to reactivatie the mine ,your leaders are doing houseboy for AGIP ,when they should be pushing hard on that same government with their regional voting power.

2 Anambra- a town with the commerce oriented onitsha and manufacturing nnewi .
Like I posted before the strategic location of anambra on the Niger ,with the unstable,inefficient and very corrupt Asaba across the river means that a good leader should be able to exploit that advantage.
The tinapa thing would have worked in onitsha and just making the city livable means that it would be in the position to take advantage of the spending power of delta state .

3abia state-this one has already lost the battle against port harcourt.

4imo state- has a little oil and a few tertiary institutions .Investment in tourism may be the way to go .

5 ebonyi-another inept ,rudderless state and Mostly agrarian state. Should be doing the same thing as osun .Irrigation to allow all season agriculture, most especially in rice, yam where the state's advantage lie.

Mansions ,monument etc are not development.
Development is the economic situations that allows mansions and monument to be built

I don't have much to say 4 now, only time will tell.

This is good news for our brothers in the SW, we are happy for them, but all these talk about some people jealous about this news, to me is childish. One Igbo adage states ihe oma aha agwu agwu meaning good things can never finish or is inexhaustible, so that you have good coming your way today does not mean good will not come to your neighbor tomorrow. I remember one story I heard about China in the 1950's, one western philosopher made this statement about China "there lies a sleeping giant", as of mid 90's China's economy was not among the top ten in the world, but fast forward today China has leapfrogged many high economies including the likes of Germany, the economic power house of Europe and Japan the former electronics/fuel efficient cars giant of Asia.
Why am I stating all this when I look at the Igbo nation and tremendous potential she's got, I always say that is a sleeping giant but thank God bit by bit, she is waking up from sleep...... I rest my case.

pro01: Such cluelessness explains why Nigeria (and Africa at large) is still in the dark ages, governance wise. How can a government proceed to buy buses for mass-transit purposes when it has not done prior checks or signed agreements with the supplier/manufacturer to ensure long term availability of spare parts? Yet a so-called commissioner is shameless enough to give the pathetic excuse that paucity of spare parts is the reason for the poor condition of buses bought only a few years ago.

Policy-making in this part of the world is such a myopic, knee-jerk affair. Oyinbo people plan 100 years ahead, while we only know how to do things in a haphazard, pay-as-you-go manner, without the capaciy to see beyond our noses. Such an embarrassment.

You can imagine, you can't maintain what you have, giving baseless excuse about unavailability of parts and you want to buy another 50 new buses. Is this not clueless mind exhibition. This is the bane of black mans problem..

Katsumoto: After more than one hour, this was the best you could come up with?

Go an vote for someone that will provide quality education for your children even if it is too late for you.

Haha Noise maker u know nothing about education, and u are talking about quality education haha u lost some of ur brain cells

Katsumoto: Only fools make unnecessary assumptions.

You can't write properly, yet you will be supporting those that refuse to provide quality education for you.

Dude go through my contributions om this forum compare it to ur own contributions and u will see that u re a very dumb man, it is ur likes that go around making noise while empty inside, of course they say empty vessels make most sound. What meaningful thing have u contributed to humanity since ur miserable existence? Absolutely nothing, so dude we have nothing in common be exposing ur ignorance.

Whether u guys like it or not quote me anywhere, there is something this administration is doing right that is drawing big time players in the global economy, I know one reason: during Obasnjo's era he surrounded himself with locally bred technocrats like ezekwesili, el rufai etc but Goodluck surrounded himself with foreign bred technocrats like okonjo iweala, Aganga, Adesina and the guys know Wall street and big global financiers like the palm of their hands and they understand the game well, and now drawing these big investors to Nigeria. They should continue in their efforts so that these investors can bring in enough funds for greater development of Nigeria' s economy.

Katsumoto: Put a sock in it. Now we are picking news from all over the place.

The OP stated that Gates praised Jonathan and I asked where in the article that does it state so.

I could care less about the other irrelevant things you introduced.

I told you that I know ur types, no meaningful contribution, not smart, it is your types that bring disgrace to the blac race, only good at making noise. A man with the pedigree like Bill Gates leaves many things on his table to seek and meet Nigeria's president, even commending what they are doing and you are here making unintelligent noise. Let's give this guy Goodluck some respect due him, the number of investors and CEO's of top global companies that have shown interest in Nigeria in this administration, not even a quarter of them neared Nigeria during Obasanjo/ Yaradua era, there is something right that this administration is doing that is drawing them to Nigeria. But all you critics who cannot even do anything if given chance come here blasting and insulting the president calling him all sorts of names.

Honestly the beer is giving Nigerian Breweries serious trouble cos it is challenging their market share seriously. Both Peter Obi tried cos he brought in the second biggest brewer in the world.

Katsumoto: Those chaps are only powerful in an environment where their friend is in power. No be their fault.

And since I am far removed from their environment, they can't do jack. In my environment, inability to be speak English will make them keep quiet.

Anywhere else in the world, they would be classed as riff-raffs.

Hey dude u are not making any sense

From the article one thing of note was in the area of improvement in agricultural productivity whereby the agric ministry is partnering with Brazil on that. As far as am concerned I give this administration thumbs up in the agric sector, Adesina knows his onions and effective impact are being felt.

Also another stuff that got my attention from the news about this present US visit by the presidents was his meeting with the CEOs of top firms in Wall street who have investments in Nigeria, firms like Coca Cola, General Electric, Chevron etcm for the fact these Wall street big boys and the likes of bill gates all sought audience with the president of Nigeria, shows the high place and regard for Nigeria vis-à-vis her president. What most of ur likes don't understand is that Nigeria with all her numerous problems is one of the next big things to happen and this administration surrounding themselves with the likes of okonjo iweala, Adesina, Aganga know their onions cos these guys I mentioned. That's why when I see comments from ur types I get angry because it is ur types that when put in a simple structured system cannot effect even basic change, I ave looked through ur post to get even one maeaningful thing but I couldn't decipher one thing.

[quote author=barcanista]Leave them with dia arm-chair criticism. Some people need to go back to the basics. A man is using figurative language to another and critics are in the comfort of the bedroom ranting.



For education sake, what Jonathan is implying is that you cannot overlook Nigeria and say you want to make impact in Africa. Thank God Obama is not on NL, otherwise....


Most of the folks on this forunm lack basic comprehension skill and this shows u the level quality education that are in this country, when I read some of the reaction I was like what the heck, the guy was not telling Obama to come fix Nigeria, he was highlighting how strategically important Nigeria's success is vis-à-vis to the success of Africa. They couldn't understand the figurative speech the man used, instead they are calling him all manner of unprintable names and most of these foilks can't even manage small business talk less of a country.

Gbawe: You can hate the idea of "lazy" States receiving monthly allocation from the federation account but that does not mean you suggest another unfair and illegal action as a solution to address the notion of States raising IGR or that you blind yourself to the notion that the FG, consisting of overpaid executives and legislators, is arguably the laziest and most inefficient tier of government.


As it is already the FG takes 52% of all allocation with 36 States receiving 26% while over 700 local government have to share 20%. The FG is by far , contrary to what you and most Nigerians think, the biggest failure commensurate to what it receives to administer Nigeria at the centre. Some States (PDP, APC , Labour et al) actually can give a good account of what they are doing with allocations while some out of those States can even go a step further to demonstrate laudable efforts and results at raising internally generated revenue.

Indeed if the FG were a Nigerian State, it would be the worst and laziest State by far because it would be the equivalent of a gigantic white Elephant gulping huge sums of money and giving Nigerians very little in return that is useful to them commensurate to what it 'ingests'.

The argument can therefore never be about States getting less. We should not confuse issues. That States should be more proactive in generating IGR is not disputed. Indeed I agree fervently with that idea but to suggest they now get 50% less is ludicrous because what is received is pittance already. If allocation to States is reduced by 50%, as you suggest, who should get the excess that will be left in the federation account? The corrupt and worthless FG that is mismanaging the 'Lion share' 52% of what it gets with call coming thick and fast daily for it to receive less so States and local government can get more? What exactly does the FG do for Nigerians with all its institutions moribund, overpaid executives/legislators and the hideous infrastructural deficit it has supervised ?

In so far as we all live in States and Local government, while the valid argument has been made that those legitimate tiers of government are already being seriously cheated by a very corrupt and indolent centre, then you can never make a logical and fact-based case for States to get less. We can pursue the argument of increased IGR without suggesting something akin to telling a boss to withhold the basic salary of workers just to make them work harder. Workers deserve their basic pay and if an employer is not happy he should sack them. Nigerian States deserve their allocation and even more, at the expense of the centre, because they are a constitutionally recognised and legitimate federating tier with the greatest burden of providing for Nigerians.

Rather, you should ask the FG, if it dares, to push for true fiscal federalism before suggesting States should get less when allocation is already unfairly benefiting a centre universally condemned for its unwieldy, corrupt, inefficient and profligate set-up holding back the development of Nigeria.

No argument can/should be made for government raising IGR without an insistence that the FG must get far less than the 52% it already receives to deliver essentially nothing.

Anyway u re making a valid point the FG should be first accountable for its 52 percent but on the other hand the stets should begin to think outside the box and be creative. I believe majority of Nigeria's revenue should be used to turn around our moribund and dilapidated infrastructure and taking care of civil service workers( efficient/effective workforce, not the rubbish civil servants we have today). I think this is what we need now as a nation.

ogb5: No enough oil money to share in Abuja again.

You people should remain in you states and use your own money to service your commitments looting

Don't mind them, this monthly sharing has bred laziness and irresponsibility from these governors, they should look for ways to make money, they should think outside the box. If I was FG I will lock the tap completely so that, all these laziness will stop and rather spend all the money on Infrastructure and maybe salary of the workers simple.

Gbawe: Nairalanders should note the considerable shortfalls which must raise very serious concerns about the mismanagement that has now led to this situation where Government is unable to meet its budgeted obligation with no considerable movement in the International market price of oil per barrel to affect benchmark. The glib talk of "vandalisation and oil theft" is not tenable as a sole excuse. It is all corruption, terrible fiscal mismanagement and deliberate sabotage.

http://thenationonlineng.net/new/states-reject-n548-393bn/

Honestly I think it is high time the money sharing is reduced by 50 percent, then with time completely stopped. Let every state source for its fund to run its government, this every month going to Abuja to share money is one of the major factor holding this country from moving forward, it has bred laziness and irresponsibility from especially the governors. They should look for ways to generate money simple.

kettykin: This is the more reason why igbos must patronise Enugu international airport let haters hate them selves to death

I support ur first statement, let our people patronize that airport, once more airlines begin to fly that route. One can book his flight for international travel to depart from Enugu, whether he is living in Lagos etc, this can be a personal sacrifice one has to give his region/homeland.

jay bee: UK Newspaper Detail How Oando Made Its Whopping Quarterly N3.1 Billion Profit By Dodging Taxes

This week, Oando Plc, the so-called “highly successful” oil trading company owned by Governor Bola Tinubu's cousin, Wale Tinubu, declared a massive quarterly profit of N3.1billion, an “achievement” that was advertised in Nigerian newspapers. This would be a significant achievement for any company, except that the success of Oando hinges on a clever policy of dodging taxes.
In stories published by Private Eye, a United Kingdom newspaper, it has been explained how Oando is taking advantage of the Department for International Development, through its development fund CDC (formerly the Commonwealth Development Corporation).

The following, according to Private Eye, is how it is done:

Oando attracts foreign capital flow from an American private equity fund known as "Emerging Capital Partners" based in Washington DC, which in turn receives funds from the UK government through the CDC Group, Oando a privatized Nigerian oil company is known and called Oando plc. But to avoid paying taxes to the Nigerian government Oando carries out its investment partnerships through an offshore company known as "Ocean and Oil Mauritius", itself owned by a British Virgin Islands vehicle called "Ocean and Oil Holdings (BVI) Limited " whose well-connected investors bought their 34 percent stake in Oando from the Nigerian government in year 2000.

It has been established from investigations carried out by the UK Metropolitan police that James Ibori and his schoolmate, Henry Imashekka, sent funds stolen from the sale of shares owned by the Delta State government to an offshore account, they later invested $10 million that were stolen in acquiring Notore Chemicals (formerly NAFCON).

CDC and its privileged offshore co-investors in Oando earn “technical fees” of 5 percent of profits and “management fees” of 4 percent through a Nigerian company called Ocean and Oil Investments, giving them a significantly better return than standard Oando plc shareholders. In 2008, the last year for which figures are known, $8.5m was paid by Oando in this way, signed off by Oando’s auditor PricewaterhouseCoopers.

Of Oando’s $91m remaining profits after these fees have been creamed off, $21m was earned by a company called Oando Trading Ltd, which boasts of being “Africa’s largest independent and privately owned oil trading company”. Except it is registered in the not-so-African tax haven of Bermuda. Unsurprisingly, the UK Private Eye’s efforts to locate some actual oil trading by Oando in Bermuda were fruitless: the contact number in Hamilton turns out to be the firm’s old administrators, called Appleby, while its new ones, the Harbour Group, could not connect the Eye to anybody with anything to do with Oando.

This is of course, a crude arrangement to avoid more than $7m a year in tax – which would provide quite a few schools or hospitals in Nigeria where the company really operates through offices in Abuja and Lagos. The scheme would not work if Oando were based in a developed economy such as the UK, where tax rules prevent the more blatant scams to stuff profits into tax havens, but poorer countries such as Nigeria are more vulnerable.

SEEDY CDC

METROPOLITAN Police charges naming a prominent Nigerian businessman, which can be revealed following the easing of reporting restrictions on a trial scheduled for later this year, pose more questions about Britain’s international development fund CDC formerly the Commonwealth Development Corporation, and its attempts to maximise profits by entrusting taxpayer’s money to questionable private equity firms.

One of the charges arising from Knacker’s long-running investigation into money laundering involving Nigeria is that a group of businessmen including Henry Imasekha “concealed, disguised, converted and transferred criminal property, namely the sum of $10m ... knowing or suspecting that the sum constituted the benefit from criminal conduct of another person ...”

Henry Imasekha, it so happens, is a major shareholder and director of one of CDC’s main Nigerian investments, privatised fertilizer company Notore. CDC invested in the company in 2007 through American private equity fund manager Emerging Capital Partners, which also invested CDC’s money in a couple of other large Nigerian businesses, including privatised oil company Oando, which does a nice line in tax avoidance.

CDC: Haven help us

TAX avoidance, explained Treasury minister Stephen Timms to a Paris conference recently, “costs developing countries billions each year in lost revenue – a major drain on often fragile economies and a genuine barrier to economic growth. These are vital resources for schools, hospitals and infrastructure”.

Perhaps he should explain this to the Department for International Development, which is busily fleecing fragile economies by sponsoring corporate tax avoidance at its development fund CDC, formerly the Commonwealth Development Corporation.

Through American private equity fund Emerging Capital Partners, CDC funds a privatized Nigerian oil company called Oando plc. But it doesn’t do this directly since this might mean it and its co-investors would have to pay some tax. Instead, it invests through a mysterious company called ocean and oil Mauritius, itself owned by a British Virgin Islands vehicle called Ocean and Oil Holdings (BVI) Limited whose well-connected investors bought their 34 percent stake in Oando from the Nigerian government in 2000.

Tax avoidance among CDC’s companies is unsurprising since the fund has modelled itself as a private equity investor, a structure in which tax dodging has always been an intrinsic part. But that doesn’t make the British development fund’s indulgence in the shady business any less damaging for poor countries like Nigeria.


http://saharareporters.com/news-page/uk-newspaper-detail-how-oando-made-its-whopping-quarterly-n31-billion-profit-dodging-taxes?page=1

This is one of biggest tax fraud in recent times, and they say oando is the most effective run company. Thank. God for the brits investigators, this shows the level of dishonesty of our so called billionaires, only in Nigeria. I keep on saying it, integrity in buisness is still the ultimate.

May the good lord bless u sir for this wonderful piece. This country has been completely wasted, all over the place thieves and men of questionable character are the ones calling the shots, in every sector, then how will the nation achieve greatness? Honestly it is impossible. I think the solution is let the few sane men not give up nor give in to the abominable practices of the men that has held us hostage, at the knick of time, they will overcome, therefore they must do something.

The tension building up in this country is becoming much and the way things are going the chances of Nigeria breaking up is on higher scale, it is really scary. The highly corrupt political class have really taken this country to the cleaners, and they are now getting battle ready for free of al fight, there is a chance that military may take over but the dilenma in military take over is that military officers from SS,SE and Middle belt even SW will not lead the coup leaving only the core north officer which will not be accepted by especially SS who their son is in seat of power, thereby leading to a terrible state for this nation.

Many people don't realise it yet, Nigeria is seating on keg of gunpowder, only divine providence will save this country. I think it is time the elders in the land should do the right and agitate for a Sovereign national conference, a round table dialogue where all the nationalities will discuss which way forward for this country, this is the only hope of salvation for this country, if not I am sorry to say that the signs are really scary.